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Cullumber Company manufactures equipment Cullumber's products range from simple automated machinery to complex systems containing numerous components Unit selling prices range from $2,50,000 to $1,590,000, and are quoted indusive of installation. The installation process does not imolve changes to the features of the equigment to perform to specifications. Cullumber has the following arrangement with ivanhoe inc - Nanhoe purchares equipment from Cullumber on May 2, 2023, for a price of $1,146,000 and contracts with Cullumber to irstall the equipment, Oullumber charges the same price for the equign Agt irrespective of whether it does the installation or not. Using market data, Cullumber determines that the installation service is estimated to have a fair value of $4,000. The cost of the equipment is $500,000 - Fanhoe is obligated to pay Cullumber the $1.092.000 on deivery of the equipment and the balance en the completion of the installation Culfumber delivers the equipment on June 1.2023, and completes the installation of the equipment on 5 eptember 30,2023 . Assume that the equipment and the installation are two distinct performance obligations that should be accounted for separately (a) Allocate the transaction price of $1,146,000 among the performance obligations of the contract Assume Cullumber follow IfRS (Round pereentage allocations to 2 decimal ploces, es. 1225 and f.nal answert to 0 decimal ploces, es 5275 ) Prepare any journal entries for Cullumber on May 2, June 1, and September 30. 2023. (Credit account tities are outomatically indented when the amount is entered, Do not indent manuolly. If no entry is required, select "No Entry" for the account titles and enter O for. the amounts: Recond journal entries in the order presented in the problem. (ist all debit entries before credit entries) Cullumber Company manufactures equipment Cullumber's products range from simple automated machinery to complex systems containing numerous components Unit selling prices range from $2,50,000 to $1,590,000, and are quoted indusive of installation. The installation process does not imolve changes to the features of the equigment to perform to specifications. Cullumber has the following arrangement with ivanhoe inc - Nanhoe purchares equipment from Cullumber on May 2, 2023, for a price of $1,146,000 and contracts with Cullumber to irstall the equipment, Oullumber charges the same price for the equign Agt irrespective of whether it does the installation or not. Using market data, Cullumber determines that the installation service is estimated to have a fair value of $4,000. The cost of the equipment is $500,000 - Fanhoe is obligated to pay Cullumber the $1.092.000 on deivery of the equipment and the balance en the completion of the installation Culfumber delivers the equipment on June 1.2023, and completes the installation of the equipment on 5 eptember 30,2023 . Assume that the equipment and the installation are two distinct performance obligations that should be accounted for separately (a) Allocate the transaction price of $1,146,000 among the performance obligations of the contract Assume Cullumber follow IfRS (Round pereentage allocations to 2 decimal ploces, es. 1225 and f.nal answert to 0 decimal ploces, es 5275 ) Prepare any journal entries for Cullumber on May 2, June 1, and September 30. 2023. (Credit account tities are outomatically indented when the amount is entered, Do not indent manuolly. If no entry is required, select "No Entry" for the account titles and enter O for. the amounts: Recond journal entries in the order presented in the problem. (ist all debit entries before credit entries)

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